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We're Shutting Down and I'm Scared

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Re: We're Shutting Down and I'm Scared

#111

Post by cperciva »

tptacek wrote: post #93
pmorici wrote: post #89

Earlier quoted context omitted.

"Shitty credit is not that big of a deal." You realize that your credit record effects more than just your ability to get credit and other financial services right? Insurance companies will sometimes deny coverage based on information in your credit record. ie: health insurance. [0] http://www.consumer.ftc.gov/articles/0152-how-credit-scores-...

Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Ot…

keep me out of the market for credit. A good thing

Have you never wanted to get a mortgage?

For that matter, lots of landlords in Vancouver check credit scores in order to weed out potential bad tenants.

Re: We're Shutting Down and I'm Scared

#112

Post by jonknee »

tptacek wrote: post #93
pmorici wrote: post #89

Earlier quoted context omitted.

"Shitty credit is not that big of a deal." You realize that your credit record effects more than just your ability to get credit and other financial services right? Insurance companies will sometimes deny coverage based on information in your credit record. ie: health insurance. [0] http://www.consumer.ftc.gov/articles/0152-how-credit-scores-...

Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Ot…

> Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates

I don't believe that's the case anymore since they have to provide coverage. Smoking is the only thing I remember that affects your ACA compliant rates. It makes sense otherwise you would be forced to purchase a product that could be much more expensive for the simple act of not having credit history (something that's not so unusual, especially for younger people).

Re: We're Shutting Down and I'm Scared

#113

Post by Xcelerate »

oscargrouch wrote: post #70
GuiA wrote: post #17

Hi! As your post seems to indicate, you're scared shitless right now and it seems like the entire world is coming to an end. Trust me, even if it really seems that way, it's not. For now, grit your teeth and go through the bad stuff. Tell your wife. Be honest with her. No matter what, she's your wife for a reason- she'll support you through all of this. If you neglected your relationship with her a bit because of the…

i thinks this piece of advice its cool in almost all of it.. but there are some pieces of it that i think sounds a little overoptimistic: > she's your wife for a reason- she'll support you through all of this Maybe not.. a lot of marriages brake because of financial bankrupcy.. but this guy will have to face it anyway.. it will depend of how much the materialistic/spiritual type she is and how much she love him.. thi…

> Maybe not.. a lot of marriages brake because of financial bankrupcy.. but this guy will have to face it anyway.. it will depend of how much the materialistic/spiritual type she is and how much she love him.. this will be definetly a good proof of love from her, if she stands up with him... (but these sort of people are rare)

Rare, but hopefully that's the case with her. A good person stands by their partner's side in times of trouble.

Re: We're Shutting Down and I'm Scared

#114

Post by pmorici »

tptacek wrote: post #93
pmorici wrote: post #89

Earlier quoted context omitted.

"Shitty credit is not that big of a deal." You realize that your credit record effects more than just your ability to get credit and other financial services right? Insurance companies will sometimes deny coverage based on information in your credit record. ie: health insurance. [0] http://www.consumer.ftc.gov/articles/0152-how-credit-scores-...

Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Ot…

"which was a nightmare for reasons having nothing to do with credit"

So that's why I bring this up, I remember you claiming in another thread discussing the ACA that you were perplexed why you couldn't get private health insurance and seemed to think it was some arbitrary conspiracy yet you seem to disregard any number of reasons upon which a rational insurance company might do such a thing. Just pointing out your logic may be flawed.

Re: We're Shutting Down and I'm Scared

#115

Post by pmorici »

jonknee wrote: post #112
tptacek wrote: post #93

Earlier quoted context omitted.

Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Ot…

> Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates I don't believe that's the case anymore since they have to provide coverage. Smoking is the only thing I remember that affects your ACA compliant rates. It makes sense otherwise you would be forced to purchase a product that could be much more expensive for the simple act of not hav…

An insurer can also charge up to 3x rates based on age under the ACA. Prior to the ACA limiting the differential the market spread was about 5x from young to old in terms of age.

Smokers only have to pay 50% more so being old will effect your rates more than smoking will under the ACA.

Re: We're Shutting Down and I'm Scared

#116

Post by tptacek »

pmorici wrote: post #114
tptacek wrote: post #93

Earlier quoted context omitted.

Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Ot…

"which was a nightmare for reasons having nothing to do with credit" So that's why I bring this up, I remember you claiming in another thread discussing the ACA that you were perplexed why you couldn't get private health insurance and seemed to think it was some arbitrary conspiracy yet you seem to disregard any number of reasons upon which a rational insurance company might do such a thing. Just pointing out your lo…

I know why we were declined coverage. They told us. You can go find the "automatic decline" lists for insurers yourself; they're on the Internet.

Re: We're Shutting Down and I'm Scared

#118

Post by gte910h »

tjbiddle wrote: post #24
ye wrote: post #21

Earlier quoted context omitted.

[deleted, i'm an idiot]

I'm mimicing tptacek's question here, but what type of corporation (Assuming this is in the US) wouldn't protect assets? Even an LLC with just one person operating it (Which the IRS still sees as a sole-proprietorship I believe) still has their personal assets covered.

Eh, sorta?

You have to do a lot of things right to get that protection.

many disregarded entities, don't

http://www.nolo.com/legal-encyclopedia/personal-liability-pi... :

There is no real separation between the company and its owners. If the owners fail to maintain a formal legal separation between their business and their personal financial affairs, a court could find that the corporation or LLC is really just a sham (the owners' alter ego) and that the owners are personally operating the business as if the corporation or LLC didn't exist. For instance, if the owner pays personal bills from the business checking account or ignores the legal formalities that a corporation or LLC must follow (for example, by making important corporate or LLC decisions without recording them in minutes of a meeting), a court could decide that the owner isn't entitled to the limited liability that the corporate business structure would ordinarily provide.

Re: We're Shutting Down and I'm Scared

#119

Post by 3327 »

tptacek wrote: post #18

Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…

The only thing we have to fear is fear itself.

Re: We're Shutting Down and I'm Scared

#120

Post by datahack »

Ha! Not to worry. I got myself 700k in the hole in the 2008 financial crisis trying to "do the right thing." Spent four years digging out of that mess in a situation where I had to run a company successfully at millions in revenue just to stay afloat. That is a hell of a lot worse than folding the company, and if I knew the hell it would take to dig out, I might have folded! But we're free and clear and making money now so it was worth it. This would be the fourth company I started. The previous three I went through the same thing you're talking about. Got to the point where I started to wonder if there was something wrong with me, or if I wasn't cut out to be an entrepreneur.

I know that feeling of strain and staring at the ceiling wondering if I'm going to survive. No way out. It sucks. That's entrepreneurship. That's why I'll never tell anyone to be in business for themselves. You have to really want it for the right reasons or you'll never be able to survive this kind of thing — it will break you. I've actually seen quite a lot of entrepreneurs get "broken" when things got super, super bad to deal with. It's overwhelming.

But, the way to deal with it is this: what is the TRUTH of the situation. What are the real FACTS? The truth is, it's not that bad. It's not like you're being chased by ruthless drug lords down a dark street. You're folding a business.

Whenever you find yourself afraid, find the fear, then find the truth. Keep working through those until you feel better. It actually works. If you stick to the facts, you'll get through it.

Also, dude, you need to keep pushing. Get yourself shut down with class, get honest with your wife, and you'll come out swinging. It might sound crazy now, but the average entrepreneur who makes it has a few of these under their belt!

Also, awesome piece of advice here: http://leadercast.com/en/ Watch the video from Rorke Denver. Here's the cliff notes (pdf): http://leadercast.com/en/downloads/LN_CalmisContagious.pdf

Now is the time of your testing. How you behave when the shit hits the fan is the question of what kind of leader you'll find yourself to be, so don't let yourself down. Be calm, be brave, face fact, and dive in! It's time to learn as much as you can about what you did to get here and what you can do next time to avoid this outcome!

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